blockworks.co
Bitcoin’s price hit an all-time highon Tuesday, surpassing $69,045 after posting sustained market gains through Sunday.
Bitcoin touched $68,000 late Monday, but didn’t manage to carve out a new all-time high before hitting resistance and falling. Blockworks previously reported that it was a key resistance level according to analysts.
In November 2021, bitcoin hit its previous all-time high of $69,044, according to data from CoinGecko. Ether also gained intraday, hovering near $3,600.
Before surpassing its all-time high against the US dollar, bitcoin’s market capitalization topped $1.3 trillion, passing its previous market cap all-time high. Bitcoin also crossed all-time highs in multiple other currencies, including the euro.
Last week, bitcoin ETFs hit record volumes, notching a high of $7.6 billion before retreating to roughly $5 billion on Thursday.
However, on Friday, net inflows were negative after more outflows from Grayscale’s ETF offset inflows from Blackrock’s bitcoin ETF.
Read more: Bitcoin has a new all-time high, depending on who you ask
Aside from high volume from the ETFs, bitcoin itself climbed last week before retreating to roughly $60,000. Last Wednesday, it climbed to levels not seen in roughly 27 months before notching a 10% drop.
But the moves have left some wondering if the momentum can last.
“Most can’t help but scoff at the pace at which Bitcoin has climbed, having gained 47% in the last month. History tells us we will see a pullback ahead of the halving in April –- however, we have never before had an ETF in the space pulling billions of dollars of institutional money into Bitcoin on a weekly basis,” Lucas Kiely, CIO at Yield App, said.
James Lavish, managing partner at the Bitcoin Opportunity Fund, posted on X that bitcoin “has not yet entered ‘price discovery mode.”
He added that a new all-time high will have to be established before such a mode takes place.
Bitcoin’s fourth halving is set to take place in April, which could act as a tailwind according to some analysts.